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Scope of this Practice Note

The Financial Services and Markets Act 2023 (FSMA 2023) was introduced as the Financial Services and Markets Bill (FSMB)  to the House of Commons and given its first reading on 20 July 2022. This Practice Note sets out the background to FSMA 2023, provides an overview of FSMA 2023 and considers its key reforms. It also sets out the current status of the FSMA 2023 and considers how FSMA 2023 interacts with the Retained EU Law (Revocation and Reform) Act 2023.

Background to the FSMA 2023: the implementation of financial regulatory reviews

The FSMA 2023 aims to implement the outcomes of the government’s Financial Services Future Regulatory Framework Review (FRF Review) and of the regime for central counterparties (CCPs) and to make other changes to update the UK regulatory regime. In making those other changes, FSMA 2023 aims to implement the outcomes of other reviews, including the reviews of:

1. •

   the regulation of wholesale markets

2. •

   Solvency II and insurers in financial difficulties

3. •

   access to cash

4. •

   digital settlement assets and FMI sandboxes

5. •

   critical third-party service providers

6. •

   the